Shanghai copper hit a record high on Friday, on signs that feedstock supply will continue to be tight next year, and China’s plans to rein in copper projects to curb irrational expansion.

The most-active copper contract on the Shanghai Futures Exchange closed daytime trading up 3.6% at 98,720 yuan ($14,083.34) a metric ton, after touching an all-time high of 99,730 yuan a ton earlier in the session.

The contract was set for a weekly gain of nearly 6%.

The London benchmark peaked at $12,282 on Wednesday.

China will tighten oversight of new copper and alumina projects to curb irrational investment and disorderly expansion from 2026 to 2030, the country’s top economic planner said on Friday.

Meanwhile, top Chinese copper smelters on Thursday refrained from setting guidance for copper concentrate processing fees for the first quarter of 2026, sources said. It was the fourth consecutive quarter that the group declined to do so as feedstock shortages push charges to record lows.

Elsewhere, investors expect at least two more U.S. interest rate cuts next year, leading to continuing weakness in the U.S. dollar, which hovered near the two-month lows hit on Wednesday.

A weaker dollar makes dollar-priced metals more attractive to holders of other currencies.

Among SHFE base metals, aluminium was up 1.1%, and lead rose 1.7%.

Top aluminium producers have raised their premium offers to Japanese buyers for January-March primary metal shipments to $210-$225 per metric ton from initial offers of $190-$203, two sources involved in quarterly pricing talks said.

Japan is one of Asia’s biggest importers of the light metal, and the premiums it agrees to pay each quarter over the London Metal Exchange (LME) cash price (CMAL0) set the benchmark for the region.

Zinc gained 0.7%, while nickel was up 1.3%. Tin added 1.4%.

Source: Reuters